Companies being run by leaders from ethnic minority backgrounds contribute at least 拢74bn a year to the 海角视频 economy, a new report has found.
Ethnic minority entrepreneurs are succeeding against the odds, according to the Minority Businesses Matter report, but are identifying challenges when establishing and scaling up their companies.
The research, published on Wednesday (February 10), was carried out by OPEN, a London-based think-tank that focuses on migration and diversity issues, and was commissioned by MSD海角视频, a Leicester-based membership organisation championing diversity and inclusion in public and private-sector supply chains.
The report analysed the economic contributions made by minority-ethnic-led businesses to combating the coronavirus crisis, exports, innovation and levelling-up deprived areas, and to national wealth and local jobs.
It found that ethnic minority business leaders face "consistent" hurdles, including direct and indirect discrimination; disconnection from key financial, business and political networks; and disproportionate levels of doubt.
It follows a recent report that found the number of black people leading the 100 largest firms in Britain has fallen to zero despite numerous commitments from government and business to address diversity at executive levels.
Eight of the 海角视频鈥檚 23 tech unicorns 鈥 private start-ups valued at $1bn (拢740m) or more 鈥 and 23 of the 海角视频鈥檚 top 100 fastest-growing companies in 2019 were co-founded by minority entrepreneurs, including energy supplier Bulb which ranked number one for fastest growth.
However, the contribution and challenges faced by business leaders from ethnic minority backgrounds are often overlooked by policymakers, the wider business community and the public, the report found.
Philippe Legrain, founder and director of OPEN, said: 鈥淎gainst the odds, minority businesses make a huge contribution to the 海角视频, providing valuable products and services, creating good jobs and boosting national wealth.
鈥淭hey are helping to tackle the coronavirus crisis and can help build a fairer, more innovative and more environmentally sustainable Britain in its aftermath. So addressing the challenges that still hold minority businesses back is both an economic and an ethical priority.鈥
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Mayank Shah, founder and chief executive of MSD海角视频, said the report shows the 海角视频 economy is "much better off" because of the contribution of ethnic minorities at a local, regional and national level.
鈥淚mmigrants move to the 海角视频 in search of a better future for themselves and their families, which makes them work harder and seize every opportunity to succeed," said Mr Shah.
Dr Gordon Sanghera, chief executive of Oxford Nanopore Technologies, said being a minority business founder was "not easy".
He said the 海角视频 still had a "long way to go" to create a more diverse and inclusive community across all sectors, especially in science and technology, but "some progress" had been made in life sciences businesses.
"It鈥檚 encouraging to see how many minority founders are leading efforts in domestic and international scientific work to fight Covid 鈥 a testament to the contribution of minority entrepreneurs to this country," he added.
